My goal in today’s post is to share 7 valuable lessons I learned from Mike Dillard, through his courses, videos, training calls, and teachings.
In case you’ve never heard of Mike Dillard before, he is the creator of Magnetic Sponsoring and many other quality network marketing training courses, such as Building on a Budget, Black Belt Recruiting and MLM Traffic Formula.
I have to admit that this guy changed my life and business for the better.
I first learned about Mike Dillard way back in 2009. I purchased his book “Magnetic Sponsoring” when I first joined My Lead System Pro®.
I read the book in one setting. Then I re-read it. And then I re-read it a third time.
After reading the book three times, I was convinced that his strategies were much better than my strategies to build a business.
I applied what I learned and totally transformed my businesses within a few short months. Since then my life has never been the same.
If you haven’t studied Mike’s materials yet, do yourself a favor and order them. ALL OF THEM.
Each lesson will be a subsequent post on my blog, where I expand upon his ideas and provide my own insights about each topic.
All you need to do is click on the link at the end of the lesson to be redirected to the specific blog post. Let’s get started.
Lesson # 1: The Power of a MLM Funded Proposal
Funded proposals are so powerful, especially in network marketing. And the sad thing is most network marketers don’t know what one is or how to use it.
Thanks to Mike Dillard, many people have learned this powerful concept, including myself.
A MLM Funded Proposal is simply a way to pay for or offset your advertising costs as you generate leads, so you can ultimately generate and endless supply of free leads for your network marketing business.
Leads are the lifeblood of any business. You need a constant flow of leads in your business so you have people to share your products and business opportunity with. You can get leads by prospecting people, making a list of everyone you know, or by buying leads.
As I see it, the best way to get leads for your MLM Business is with a funded proposal. Read more.
Lesson # 2: Never Lead With Your Business Opportunity
If you are trying to build your network marketing business online, never lead with your business opportunity!
Search the internet, YouTube or Facebook and you will find MILLIONS of people pitching you their business opportunity. People spam your Facebook wall and even your email inbox telling you how their business opportunity is the best thing since sliced bread.
If you’re like most people, you don’t like to be pitched and you don’t like to be sold. You probably even find these ads annoying, just like your prospect does.
If it annoys you, do think your prospect will like it? Nope!
Rather than leading with your business opportunity, lead with your products, a free report, or a low cost training product. Learn how to use a two-step selling process, and then back-end people into your business.
This is a great way to stand out in the crowd. Learn more about why you shouldn’t lead with your business opportunity.
Lesson # 3: Become The Hunted, Not The Hunter
When it comes to selling, it’s much better to be the hunted than the hunter.
Back in the day, network marketers were taught to prospect everyone they met, to make a name list of everyone they knew, and to utilize the three foot rule. The key to success was to “work the numbers” and achieve success that way.
By all means, you can follow that approach and still achieve good results in your business.
Many people have. But, it’s definitely not a SMART or EFFICIENT way to build a network marketing business.
I’d agree with Mike Dillard that it’s much better to have people contact you first, about what you have to offer, than it is for you to chase people.
Network marketing is fun and profitable once you learn marketing and have people call you. Learn more about becoming the hunted, not the hunter.
Lesson # 4: Create a You, INC. Business
At the end of the day, you want to have multiple streams of income. Having all of your income tied to one source is foolish, whether it be a job, investment or business.
If you’re going to build your MLM Business online, it makes sense to have several income streams, such as a blog with affiliate ads, Google Adsense, a lead program, coaching, information products and more.
For example, I have many income streams on this blog, probably close to 40 different income streams. I make money whether people join my team or not. This makes life much easier for me.
On a side note, we are not referring to having more than one MLM Company. Just pick one network marketing company that you like and focus on that.
But, if you are dabbling in the online world, and you are building your own email list like you should be doing, it’s foolish not to have several different things you could offer your list.
Lesson # 5: The Three Step Formula to MLM Success
There are three steps you need to follow if you want to build a successful business online. It’s not rocket science, or all that difficult to do.
Your first step is to build a list. Your second step is to build a relationship with your list. And, the third step is to monetize your list.
Your list is your email list. This is a list of people who give you permission to email them by submitting their name and email on your capture page. When they do this they become a lead.
Your next goal is to email them frequently (daily is ideal) with valuable content that will help them solve their own problems, so they start to know you, like you and trust you. This is known as building trust.
Your final step is to monetize your list by recommending products and services that will be of value to them. Learn more about the three step formula to MLM Success.
Lesson # 6: Why People Buy
Successful salespeople and entrepreneurs understand WHY people buy. They study buying behaviors so they can focus their advertising, marketing and overall customer acquisition strategy to appeal to more people and get more sales.
These lessons are very helpful when you are presenting information about your products and business opportunity to your prospects. The information really applies to any business owner or any profession, not just MLM.
So, why do people buy? First and foremost, buying is an emotional decision, not a logical one. People make emotional decisions and then justify their decision with logic; not the other way around. Never forget that.
Also, people don’t buy what they need. Instead, they buy what they want. Your real objective is to figure out your prospect’s hot button and then show them how your product, service or business opportunity helps them get what they want. If you can do that, you will make more sales.
Another valuable lesson I learned from Mike Dillard is to know your target market for your MLM Business.
Every business has a target market.
This should be common sense, but most network marketers are absolutely clueless when it comes to knowing their target market.
In network marketing, you have two target markets: one for your business opportunity and one for people who will consume your product or service.
When it comes to your products or services, you want prospects who are already buying similar products or services (or have the desire to do so) and have enough disposable income to make the purchase.
When it comes to your business opportunity, opportunity seekers are not your target market. Neither are people only interested in a job. Neither are broke, unemployed or financially destitute people. Instead, your best target market is other network marketers. Learn more about your target market.
Final Thoughts About Mike Dillard
There you have it friends!
These are the 7 most valuable lessons I learned from Mike Dillard.
Of course, he’s taught me hundreds of other great lessons too. Other than my father and Dan Kennedy, Mike Dillard has shaped my entrepreneurial skills more than anyone else.
Not only is he my mentor, but he is also one of my heroes. I can only hope that I will positively impact even half the amount of people he has. So if you ever read this post MIKE, I just want to say THANK YOU for all you do for our industry.
What are your thoughts? What lessons have you learned from Mike Dillard? Leave a comment below and let us know what you think. I look forward to hearing from you.